Vermont Lottery

VTLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Vermont, your state will take 6% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Vermont MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(6%)	$9,186,000
Net Lumpsum Payment	$87,306,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$298,913	$2,879,342
2	$5,231,124	-$1,895,846 -$313,867	$3,021,411
3	$5,492,614	-$1,992,598 -$329,557	$3,170,459
4	$5,767,344	-$2,094,248 -$346,041	$3,327,055
5	$6,055,645	-$2,200,919 -$363,339	$3,491,387
6	$6,358,510	-$2,312,979 -$381,511	$3,664,020
7	$6,676,270	-$2,430,550 -$400,576	$3,845,144
8	$7,010,249	-$2,554,123 -$420,615	$4,035,511
9	$7,360,778	-$2,683,818 -$441,647	$4,235,313
10	$7,728,850	-$2,820,005 -$463,731	$4,445,114
11	$8,115,127	-$2,962,927 -$486,908	$4,665,292
12	$8,520,933	-$3,113,076 -$511,256	$4,896,601
13	$8,946,930	-$3,270,694 -$536,816	$5,139,420
14	$9,394,442	-$3,436,274 -$563,667	$5,394,501
15	$9,864,131	-$3,610,059 -$591,848	$5,662,224
16	$10,357,321	-$3,792,539 -$621,439	$5,943,343
17	$10,875,005	-$3,984,082 -$652,500	$6,238,423
18	$11,418,838	-$4,185,300 -$685,130	$6,548,408
19	$11,989,813	-$4,396,561 -$719,389	$6,873,863
20	$12,589,254	-$4,618,354 -$755,355	$7,215,545
21	$13,218,816	-$4,851,292 -$793,129	$7,574,395
22	$13,879,823	-$5,095,865 -$832,789	$7,951,169
23	$14,573,599	-$5,352,562 -$874,416	$8,346,621
24	$15,302,461	-$5,622,241 -$918,148	$8,762,072
25	$16,067,402	-$5,905,269 -$964,044	$9,198,089
26	$16,871,070	-$6,202,626 -$1,012,264	$9,656,180
27	$17,714,458	-$6,514,680 -$1,062,867	$10,136,911
28	$18,600,214	-$6,842,410 -$1,116,013	$10,641,791
29	$19,530,324	-$7,186,550 -$1,171,819	$11,171,955
30	$20,506,774	-$7,547,837 -$1,230,406	$11,728,531